The benchmark indices opened lower on Monday tracking weak cues from the global markets amid rising tensions between the US and China over the coronavirus pandemic.
US president Donald Trump revived a threat of new tariffs against China in response to the Covid-19 pandemic, which has brought global economies to a grinding halt.
Sensex opened 969 points lower at 32,768 and NSE Nifty fell 326 points lower to 9,553.
The BSE Sensex had risen rose 7.6% last week to end at 33,717, up 997 points and Nifty settled 306 points higher at 9,859, to mark the best in four weeks. The markets were shut on Friday for Maharashtra Day.
The Singapore Exchange (SGX) Nifty futures at 8:16am traded 446.50 points, or 4.55%, lower at 9,368.50 and the Asian markets fell up to 3% in early trades.
Asian markets opened lower on Monday morning, with major markets regionally closed for holidays. Hang Seng index dropped 3.43% in early trade. South Korea’s Kospi fell 1.87% and the MSCI Asia ex-Japan index traded 2.2% down.
The Dow Jones Industrial Average fell 2.5%, the S&P 500 lost 2.8% and Nasdaq Composite dropped 3.2% on Friday as Trump upped the ante against China in continuing war of words.
The government had extended the lockdown to curb the spread of the coronavirus pandemic by two more weeks, dashing hopes of a resumption in economic and business activities.
